BEIJING – (Reuters) According to public documents, China’s state-backed chip investment fund invested 14.56 billion yuan ($1.99 billion) in Changxin Xinqiao, a memory chip business.
According to an Oct. 26 update to the company’s registration information on the National Enterprise Credit Information Publicity System (NECIPS), the China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,” contributed 33.15% of the total registered capital of Changxin Xinqiao.
Changxin Xinqiao was created in 2021 in Hefei City, Anhui province’s easternmost city, according to the company registration website Qichacha.
Zhao Lun, the general manager of ChangXin Memory Technologies, one of China’s major memory chip makers, is in charge.
According to the official NECIPS database, Changxin Xinqiao has applied to develop a 12-inch memory wafer production site. According to a statement made last year in June by a contractor for the project, the project would be the first in China to move into mass production for integrated dynamic random access memory (DRAM) design and manufacture, according to register data.
Changxin Xinqiao and the Big Fund did not immediately answer to requests for comment from Reuters.
The Big Fund’s latest investment follows a 13 billion yuan investment in Yangtze Memory Technologies (YMTC) earlier this year, which was one of its largest in recent years.
Reuters reported last month that the Big Fund aims to raise about $40 billion in another round, as China ramps up efforts to catch up with rivals.
According to Reuters, the Big Fund plans to raise another $40 billion in a new round as China accelerates its attempts to catch up with rivals.